Final answer:
Business Process Reengineering (BPR) is the term that describes the rethinking and redesigning of business processes to reduce waste and increase performance. It involves making radical changes to improve business processes, as opposed to incremental improvements.
Step-by-step explanation:
The term described as the rethinking and redesigning of business processes to reduce waste and increase performance is Business Process Reengineering (BPR). This approach involves taking a step back from existing business processes, analyzing them deeply, and making radical changes to improve efficiency, effectiveness, and productivity. It differs from approaches like Total Quality Management, Six Sigma, and Lean Manufacturing, which tend to focus more on incremental improvements and waste reduction without necessarily overhauling the entire process.